China to intensify environmental supervision from mid-May

[SMM Silver Weekly Review: Silver Prices Swing Wildly with Center Moving Up; Spot Shifts from Discount to Premium] This week, silver prices swung wildly with the center moving slightly higher. Stronger-than-expected nonfarm payrolls initially pressured silver prices, but the subsequent continuous weakening of the US dollar drove a rebound, and spot quotes shifted from discounts to premiums. Macro factors were mixed, and the market awaited guidance from CPI and the US Fed meeting, with wild swings expected in the short term. Inventory saw a slight buildup of 6 mt, ETF holdings edged up, and wait-and-see sentiment strengthened.

[SMM Flash] The World Platinum Investment Council (WPIC) has revised its 2026 platinum market balance to a 265,000 oz surplus, reversing its previous forecast for a 297,000 oz deficit. The latest Platinum Quarterly, published on September 9, showed a second-quarter surplus of 244,000 oz as total supply increased 1% year on year to 1.91 million oz while demand fell 16% to 1.66 million oz. The revision largely reflects investment outflows during the first half of 2026 rather than a significant recovery in mine supply. Despite the full-year surplus forecast, WPIC says above-ground inventories remain constrained following three consecutive years of substantial deficits. The organisation expects the market to swing from a 548,000 oz surplus in H1 to a 283,000 oz deficit in H2, as investment selling moderates. The H2 balance remains a forecast rather than a confirmed outcome.